Quantcast
Latest Stories

Prepare for booming ‘silver market,’ local property developers urged

By

The Retirement and Healthcare Coalition (RHC) urged Philippine developers to start putting up full-fledged retirement villages rather than mere “sleeping quarters,” as other countries in the region have gone ahead with their own infrastructure buildup to get a bigger share in the “ballooning” silver market.

“The number of retirees looking for homes outside their own countries is increasing each year. The Philippines must be able to cater to their need for retirement communities that fit their lifestyle,” RHC executive director Marc Daubenbuechel said.

RHC is led by the European Chamber of Commerce of the Philippines.

RHC executive director Marc Daubenbuechel said in a phone interview that retirement-age foreigners in the Philippines live in traditional communities or residential developments that were not fully integrated with senior-friendly leisure and medical facilities.

“There is no fully operational, integrated senior community with, say, restaurants, medical facilities, activities like yoga. The alternative for developers is to add health service projects and activities to existing developments,” he said.

Daubenbuechel said property developers seemed contented in offering mere “sleeping quarters.”

In the study “Establishment of a Retirement Village in the Philippines as a Response to Global Ageing,” Daubenbuechel said it was hard to estimate the number of retirement-age foreigners living in the Philippines since not all of them had retiree’s visa. In fact, many of them hold tourist visas.

He noted, though, that the increasing number of foreign patients receiving medical treatment in the Philippines indicated that it was a highly developed medical country. “As medical and healthcare treatments are becoming more important when growing old, this is an important finding,” he said.

The Philippines has been offering a Special Resident Retiree’s Visa (SRRV) issued by the Philippine Retirement Authority (PRA) since 1987 to encourage foreigners to spend their retirement and invest in the country. An investment of $10,000 to $50,000 needs to be deposited to a domestic bank, depending on the age of the resident. The amount can later be invested in real estate. A foreign citizen can apply for the SRRV once he reaches the age of 35 years.

Daubenbuechel’s study indicated that from 1987 to April 2009, 7,147 principals enrolled for the SRRV program, bringing 7,447 spouses/dependents with them. Most of the SRRV holders are from China (including Hong Kong), Korea, Japan, the United States, United Kingdom and Germany.

“Data on SRRV enrollees are not sufficient to be able to conclude how many participants are enrolled for the purpose of retiring in the Philippines. Since SRRV holders are allowed to start businesses in the Philippines, the number of Chinese, Japanese and Korean enrollees below 50 plus is expected to be quite high. The deposit necessary to enroll in the program may alienate retirees, who may instead stay on tourist visa,” he said.

Many retirees do not want to lose the benefits they enjoy from their countries of origin, a gray area exists and many will most likely opt not to become an official resident of the Philippines, he added.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: property , Real Estate , retirees , Retirement and Healthcare Coalition , retirement villages , silver market

  • http://profile.yahoo.com/VMCHVHRDBKWHJMWB37LOBLN4QQ Frederick Bartolome

    reminds me of the best exotic marigold hotel



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Healing priest invites political leaders to join ‘prayer for nation’
  • Tagle: Christ’s resurrection a message of hope to faithful
  • Aquino vows to intensify anti-corruption drive further
  • Unease in Vatican over cardinal’s luxury flat—report
  • Nepal calls off search for missing guides on Everest—official
  • Sports

  • Rain or Shine grabs No.4, sends Ginebra to 8th
  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Supper power
  • Condo unit sales boosted Shang Properties earnings
  • ERC mulls over WESM price cap for May, June
  • Whatever happened to the ubiquitous pagers?
  • Huge 2013 net profits seen difficult to surpass in 2014
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Marketplace